As discussed in last analysis Mercury Ingress showed its impact first 15 mins low broken and bank nifty showed a decent fall, price is back to 37.5 % in sideways market price oscillates between 37.5-50-62.5 , If BUlls are able to protect 41200 we can see a decent pullback tommrow.
Bank Nifty bounced from 37.5 % Gann Retracement and coming to crucial range of 41678-41785 which need to be watched closely. Also we have closed above Mercury Ingress High. Bank Nifty saw decent rally might be the way which causes maximum pain to maximum participants. Let us look forward.
Bank Nifty Trade Plan as per NR21 Pattern, Bears did 2 target on downside and hit TSL today. Bulls have chance only above 41678.
Intraday time for reversal can be at 9:25/11:2/12:57/1:21/2:10 How to Find and Trade Intraday Reversal Times
Bank Nifty Feb Future Open Interest Volume is at 22.3 lakh with liquidation of 2.1 Lakh contract , with decrease in Cost of Carry suggesting Long positions were closed today.
Bank Nifty Bulls now need to break 41767-41795 range for an explosive move on Upside. Bears need to break 41468.
Maximum Call open interest of 22 lakh contracts was seen at 42000 strike, which will act as a crucial resistance level and Maximum PUT open interest of 20 Lakh contracts was seen at 41200 strike, which will act as a crucial Support level.
MAX Pain is at 41500 and PCR @0.92. Markets tend be range-bound when PCR OI (Open Interest) ranges between 0.90 and 1.05.
Trade price action not opinions. Be quick to cut losses and patient to ride winners. Getting stuck on what you think should happen could be fatal when the market disagrees with you.
For Positional Traders Trend Change Level is 41317 on Futures go long and short above/below it That will help you stay on the side of Institutions and which has a greater risk-reward ratio. For Intraday Traders 41546 will act as a Intraday Trend Change Level.